![CAPITAL MARKETS IN ZAMBIA Post economic reforms in the early 90s, the Government of Zambia set up the Lusaka Stock Exchange (LuSE) for developing the financial and capital market in order to support and enhance private sector initiative. It was also aimed at attracting foreign investments by promising higher returns. Divesting government ownership in many of the dysfunctional companies and increasing the ownership by citizens and private players through a fair and transparent process is another important reason for setting up the exchange. International Finance Corporation (IFC), World Bank and UNDP helped set up LuSE and it was opened on 21st Feb 1994. The Securities Act No 38 of 1993 regulates the Zambian capital markets and ensures adequate investor protection and supports the operation of a free, orderly, fair and secure and properly informed securities market. There were many impressive efforts that were undertaken to promote the capital markets in Zambia and its commonly referred to as the ‘Zambian Model’ and was implemented in developing the capital markets of the other Southern, Western and Central African countries in the late 1990s. Some of the main features of the Zambian Model were: ,[object Object]](https://image.slidesharecdn.com/capitalmarketsinzambi1-091010090932-phpapp02/85/Capital-Markets-In-Zambia-1-320.jpg)
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- 2. There were no restrictions on foreign investment and foreigners may invest on the Exchange on similar terms as Zambians.
- 3. LuSE gave companies incentives to list by providing income and property transfer tax benefits.
- 4. Syllabus on capital markets in secondary schools, 1999.